Word: taxing
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Dates: during 1960-1969
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...recent years, liberal legislators have urged the creation of a guaranteed-job program. Most of their proposals would combine federal public-service jobs, such as hospital and recreation workers, with a system of tax incentives to private industry to encourage the hiring, training and retraining of unskilled labor...
Striking Hard. The bill is a sound one. In addition to repealing the 7% investment-tax credit as recommended by President Nixon, it strikes at what most taxpayers regard, perhaps justifiably, as the very citadel of special tax privilege - the 27½% oil-depletion allowance. By cutting the allowance to 20% and reducing the depletion advantages for other extractive industries, the bill would enrich the Treasury by $400 million annually. Although oilmen plan to fight the cuts in the Senate, their wound could be worse. The bill leaves untouched the industry's far more valuable advantage of writing...
...East Coast surgeon developed a new operating-room device in his home workshop, and it sold so well that he found himself worth $14,500,000. He turned to U.S. Trust. The bankers set up an estate for him by making three real estate investments, buying a portfolio of tax-free municipal bonds and long-term growth stocks, and setting up trusts for his two children. Estate advisers even thought of future grandchildren and provided trusts for them in the doctor's will. "By creating charitable trusts," says Vice Chairman Johnson, "it is possible to make money stick...
...Trust increased the income of a furniture-company sales manager and his wife, an author of children's books. Despite their combined earnings of $110,000 a year, the couple found themselves strapped for cash. The bankers raised a tax shelter around cattle, which can be bought with help from a loan, then depreciated over eight years and sold for capital gains. The sales manager put $40,000 into a herd, of which $30,000 was borrowed from U.S. Trust. For investors in the 50%-plus tax bracket, the tax savings from this kind of investment can often repay...
...that Congress is moving at last to reform the tax code (see THE NATION), many well-used loopholes will be plugged. U.S. Trust will undoubtedly find new gaps in the law and apply them for the enrichment of company and client alike. Meanwhile, there probably will be a strong growth in what Chairman Ammidon calls "the managing of money so that its owners will be free to turn their full attention to their own businesses." Not only will troubled markets and tighter tax laws make it harder for the amateur investor to turn a profit, but many...